3rd January 2015
We’re pleased to announce the sale of website, app and mobile development agency CTi Digital to creative services marketing consultancy Paperhat Communications.
The acquisition of the Manchester-based Drupal and Magento specialist, will see the relocation of staff based in London to Paperhat’s Covent Garden headquarters. Paperhat’s CEO, its Integration Director and Managing Director will all join the CTI Digital board to help manage its integration and subsequent development as it looks to grow organically and through acquisition. Nick Rhind, CEO CTi Digital, will continue to run the agency alongside its current management team. CTi currently employs over 60 staff.
Green Square acted as advisors to CTi Digital throughout the process.
Tim Peppiatt, CEO Paperhat commented:
The deal will enhance the group’s digital capability globally and is key to our aggressive acquisition strategy for 2015. He added the main thing that attracted him to the business was the people: “They’re very smart, very innovative and very focused and we had a genuine business need – we’d already been working with them on a couple of projects over the past eight months and it was a natural progression because we have clients that they wanted access to and vice versa.”
Nick Rhind, Managing Director of CTI commented:
Paperhat’s proposition is extremely strong and it will enable us to grow at an even faster pace internationally. Their management team has the same mindset as ours when it comes to working collaboratively with clients and they also have similar ambitions to us. We have worked with Paperhat and their clients during the acquisition process and over a six month period I have become ever more convinced that this deal is great natural progression for us.
Tony Walford, Green Square Partner commented:
It was an absolute pleasure to work with Nick and the team. The acquisition of CTi brings deeper capabilities to Paperhat that it can sell across many of its existing clients as well as new. For CTi, it brings investment, the ability to grow by acquisition more easily through access to funding and transaction expertise and wider opportunities for its skilled management team. I am sure we will be seeing more from CTi and Paperhat in the near future.